机器之心报道 编辑：陈陈、+0 ChatGPT 三周年刚刚过去，Sam Altman 却显得分外焦虑。 回想 2022 年底，当时 ChatGPT 全球爆红，谷歌 CEO Sundar Pichai 在公司内部发布了红色警报 （Code Red）以应对来自 OpenAI 的威胁。 讽刺的是，短短三年后，攻守之势异也。彼时慌乱的谷歌，如今正以惊人的速度重整旗鼓，Gemini 不 断迭代、多模态能力大幅增强，生图模型 Nano Banana Pro 全方位爆火……Anthropic、xAI 等公司 也在不同技术方向上快速追赶。 再看 OpenAI 这边，情况却显得有些微妙。过去一年，OpenAI 的研究方向不断扩散：推理模型、视 频、多模态、智能体、浏览器……几乎每一条热门技术路径上都能看到 OpenAI 的影子。但往往是发布 即巅峰，后续声量迅速下滑，难以形成持续性的产品势能。 比如 Sora 发布时震惊全网，但之后迟迟没有面向公众的可用产品；GPT Store 一度被视为生态爆发 点，但上线后应用质量参差，热度远不及预期……这种强首发、弱跟进的节奏，让许多原本被寄予厚望 的方向停留在概念或演示层面，而没有成长 ...

2025.12. 02 本文字数：1475，阅读时长大约2分钟 作者 | 第一财经 刘晓洁 刚刚进入12月，视频生成模型的竞赛又开始了。当地时间12月1日，海外AI视频初创公司Runway正 式发布新一代视频模型Gen-4.5，在基准测试中超越谷歌的Veo3登顶。 就在Runway发布后的1小时，国内视频生成选手可灵AI也在海外X平台上宣布，全新视频模型可灵 O1上线，这款模型被定义为"首个统一多模态视频大模型"。两家公司同一时间发布新品，火药味很 浓。 目前在基准测试Artificial Analysis的榜单上还没有可灵O1，但Gen-4.5早在发布前就用"Whisper Thunder (aka) David"这一名字出现在测试中，经过匿名票选成为当前文生视频的最佳模型。 根据Artificial Analysis的榜单，目前Gen-4.5以1247的评分拿下文生视频的第一名，紧随其后的是 谷歌的Veo3，分数为1226，9月发布的快手可灵2.5排在第三位，分数为1225，与谷歌Veo3仅一分 之差。OpenAI的Sora2 pro排在第7位，MiniMax的海螺02排在第8位。 | Current m ...

Wood added these stocks to her flagship Ark Innovation fund.Why do investors keep a close eye on Cathie Wood's moves? Because the founder and chief of Ark Invest knows how to spot innovators and the winners of tomorrow. Wood's flagship fund, Ark Innovation ETF, has that name for a good reason, as it includes companies that focus on game-changing technologies and making the world a more efficient and high-performance place down the road.But Wood won't pay ridiculous prices for these players, and instead, loo ...

多年来，谷歌张量处理单元（TPU）主要服务于自有AI模型。而随着TPUv7推出，这一战略正在转变。芯片分析机构SemiAnalysis指出， 谷歌正积极向第三方销售芯片，直接与英伟达展开竞争。 Anthropic成为谷歌TPU的首批重要客户之一。分析显示，该初创公司的交易涉及约100万颗TPU，包括直接采购硬件和通过谷歌云平台 （GCP）租赁两种方式。支撑这些硬件运行的基础设施，其功耗预计超过1吉瓦（10亿瓦）。 市场竞争格局已现变化。SemiAnalysis报告称，OpenAI凭借转向TPU或其他替代方案，在与英伟达的谈判中获得了约30%的价格折扣。 与Anthropic合作：向外部客户提供商业化硬件 TPU技术栈长期以来一直与英伟达的AI硬件竞争，但过去主要支持谷歌的内部工作负载。按照谷歌一贯的作风，即便在2018年将其提供 给GCP客户后，TPU始终未能完全实现商业化。 然而，随着时间的推移，这一状况正在发生变化。近年来，谷歌已动员其全栈资源，通过GCP向外部客户提供TPU，甚至作为商业供应 商销售完整的TPU系统。凭借其强大的内部芯片设计能力，谷歌正逐步成为一名真正的差异化云服务提供商。 这一举措也正 ...

Group 1 - The company has currently applied Google's Veo3 and Nano Banana models in its business operations [1]

当美国国债飙到38万亿美元、赤字像雪球一样越滚越大时，亿万富翁马斯克再发妙计，给出了一个既大胆又残酷答案—— 拯救美国财政，不用加税、不用减支，只要AI和机器人，3年内就能解决美国预算危机。 在他眼里，未来三年，AI带来的商品和服务产出将跑赢通胀；二十年内，人类不再因为钱而工作，而是因为爱好，甚至让货币本身失去意义。 马斯克与主持人Nikhil Kamath聊了近2个小时，谈到了就业、意识、家庭、金钱、AI，以及可能的未来。 没有脚本，没有表演，只有两人畅所欲言的头脑风暴。 马斯克的救国路 解决危机，唯有AI和机器人 如今，美国债务的规模已经到了一个荒谬的地步——38万亿美元，光是利息就比军费还高。 经济学家把这种局面归因于财政失衡，但马斯克换了一个清奇的角度。 在与Nikhil Kamath的访谈中，马斯克非常笃定地说：「唯一能解决美国债务危机的，就是AI和机器人。」 在这段将近两小时的对话里，他关于债务的看法是最出人意料的。 不是加税，不是削支，也不是提高生产力这种空话，而是一个清楚的时间节点：三年。 三年之内，美国的商品和服务产出会超过通胀速度。 他说这句话的时候，语气笃定得不像是预测，更像是陈述事实。 ...

Core Insights - OpenAI has initiated an internal "Code Red" in response to the increasing competition from Google's Gemini and signs of slowing growth, focusing all resources on optimizing the ChatGPT experience [1][3][4] - The company is postponing new projects, including advertising and AI agents, to prioritize enhancing user experience and performance for its flagship product [5][6] Strategic Shift - OpenAI's strategic focus has shifted from exploring diverse monetization avenues to defending its core product [5] - The directive from CEO Sam Altman emphasizes that all efforts must prioritize ChatGPT [6] Key Priorities During "Code Red" - OpenAI has identified five core pain points to address, aiming to solidify its user base of over 800 million active users [7] - Personalization: Providing customized interactions for users [7] - Postponing advertising monetization: The testing of shopping ads based on user behavior has been halted [8] - Slowing new project development: Projects like AI agents and the personalized news feature "Pulse" are on hold [8] - Image generation: Enhancements to the Imagegen feature to compete with Google's new offerings [9] - Model performance: Improving model behavior to surpass competitors in public rankings [10] Financial Outlook - The "Code Red" is not only a product defense strategy but also a critical capital survival battle, with OpenAI needing to raise approximately $100 billion for future technology development and computing power [11] - The company forecasts ChatGPT's subscription revenue to reach $10 billion this year, $20 billion next year, and $35 billion by 2027 [11][12] Competitive Landscape - The competitive environment has intensified, with Google's Gemini chatbot increasing its monthly active users from 450 million to 650 million [13] - Despite the competition, OpenAI maintains a dominant position, handling 70% of global AI assistant activities and 10% of search activities [13] - Altman has warned employees about the potential economic impact of Google's resurgence, highlighting concerns over growth slowdowns [13] Performance Improvements - OpenAI aims to enhance ChatGPT's response speed and reliability while minimizing the occurrence of excessive refusals to answer benign questions [14]

Core Viewpoint - The article discusses the evolving perspectives on growth and value investing, highlighting the need to reassess traditional investment principles in light of modern economic realities and the success of high-growth companies [5][6][25]. Group 1: Growth vs. Value Investing - James Anderson acknowledges a widening divide between growth and value investing, suggesting that traditional value metrics may not suffice in a changing economic landscape dominated by tech giants like Microsoft, Google, and Amazon [7][20]. - Despite the differences, Anderson emphasizes that both growth and value investing share common principles, such as the importance of honest long-term cash flow estimation and risk management [8][25]. - The article references the historical context of growth investing, noting a lack of comprehensive literature supporting long-term growth strategies compared to the extensive documentation of value investing [12][14]. Group 2: Case Studies of Companies - Microsoft serves as a prime example of a company that has achieved significant long-term growth, with revenue increasing from $60 billion in 2008 to $110 billion in 2018, showcasing a compound annual growth rate of 24% [22]. - Google, now Alphabet, also illustrates the potential for sustained growth, with revenue rising from $21.8 billion in 2008 to $136.8 billion in 2018 [23]. - The article contrasts Coca-Cola's stagnation in stock value over the past 20 years with Facebook's growth trajectory, suggesting that Facebook may align more closely with value investing principles despite its high valuation metrics [82][88]. Group 3: Economic Structural Changes - The article posits that the current economic environment is undergoing profound changes, necessitating a reevaluation of investment strategies that account for systemic transformations rather than relying solely on historical performance [44][46]. - It highlights the shift from asset-heavy to knowledge-based economies, where companies like Facebook and Google thrive due to network effects and scale advantages [71][73]. - The discussion includes the implications of these changes for future investment returns, suggesting that traditional metrics may not adequately capture the potential of companies operating in rapidly evolving sectors [41][60]. Group 4: Industry Examples - The automotive industry is examined, with General Motors and BMW representing traditional value stocks facing challenges, while Ferrari exemplifies a company achieving high margins and cash flow despite low sales volume [100][104][107]. - The article notes that the automotive sector is experiencing significant disruption, particularly with the rise of electric vehicles and changing consumer preferences, which complicates traditional valuation methods [96][98]. - The contrasting performance of companies within the automotive sector illustrates the broader theme of how different business models and market positions can lead to varying investment outcomes [100][106].

A television broadcasts crypto market news at the Nasdaq MarketSite in New York, US, on Thursday, Nov. 20, 2025.AI-related equity valuations may be driven by fear of missing out, known as FOMO — but now's not the time to get cold feet, according to strategists. Global equities are at persistent highs, the European Central Bank said in its Financial Stability Review on Wednesday. At the same time, concentration among a small group of interconnected U.S. hyperscalers has also intensified, making the market vu ...

I spent about a month with the Pixel Watch 4 and I still feel like I haven't unlocked its full potential. Part of this is because you actually have to relearn how to use the watch. It has a new UI, a new voice assistant with Gemini, which is actually much better, and even a new health coach.But truly, the biggest challenge so far has been actually remembering that these features exist in the first place because I forget to use them. At this point in the game, it's safe to say the Pixel Watch 4 nails the bas ...